(Bloomberg) — Direct Line Insurance Group Plc shares set a record in London as the U.K. home and car insurer returned more cash to investors and said it will reduce costs in 2015.

The insurer, which was spun off from Royal Bank of Scotland Group Plc in 2012, rose as much as 1.9% to 336.7 pence, its highest price since the initial public offering. The board Tuesday raised the final dividend 4.8% to 8.8 pence and announced a second special dividend of 4 pence.

"We are going to shift up a gear in the delivery of our strategy," Chief Executive Officer Paul Geddes said on a conference call with journalists. "We will continue to reduce costs in 2015, but are not going to set a specific target."

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